Rupee opens lower against dollar at 61.86

The partially convertible rupee opens at 61.86 per dollar compared with its previous close of 61.76

Mumbai: The Indian rupee on Friday weakened against the dollar, tracking losses in the Asian currencies market.

Traders are cautious ahead of Union budget due on Saturday. Also, traders will keep an eye on annual economic outlook survey on Friday.

The local unit opened at 61.86 per dollar. At 9.06am, the home currency was trading at 61.83, down 0.11% from previous close of 61.76. The Sensex Index rose 0.37% or 107.67 points to 28,845.58 points. Major Asian currencies were trading lower against the dollar.

The Malaysian ringgit was down 0.83%, Indonesian rupiah 0.34%, Taiwan dollar 0.3%, South Korean won 0.24%, China renminbi 0.18%, China offshore 0.1%. However, Japanese yen was up 0.18%, Singapore dollar 0.1%. The yield on India’s 10-year benchmark bond was trading at 7.741% compared with its Thursday’s close of 7.739%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has gained 1.98%, while foreign institutional investors have bought $3.47 billion from local equity and $5.35 billion from bond markets. The dollar index, which measures the US currency’s strength against major currencies, trading at 95.169, down 0.13% from the previous close of 95.292.